Coil + Blockchain Infinity — AMA Recap

We would like to say thank you to the team at Blockchain Infinity for having our founder, Ghost as a guest on their recent “Ask Me Anything”. Lots of great questions were received and the Infinity team did a great job on the recap below.

On 31th of August 2020, our main administrator Zanity had a live AMA session with Ghost (Founder of Coil Crypto) on Blockchain Infinity telegram chat.

Segment 1: Introduction

Zanity: Hello everyone, The AMA Session for Coil Crypto has now begun.

It’s a pleasure to have you here @Ghost8941.

Ghost: Hello all, and thank you. Glad to be here!

Zanity: Before we start our first segment kindly introduce yourself to the community.

Ghost: I first learned of cryptocurreny and Bitcoin back in 2013. Then in 2016 I got deeper involved and am now connected to multiple projects in the privacy space. I then learned of elastic supply and saw this as the biggest idea in crypto since BTC and Eth, so I created COIL.

Zanity: Thank you for the introduction. Now let’s move on to the first segment. Are you ready?

Ghost: Yes, lets go!

Zanity: Okay, here’s the first question.

Question #1

What is Coil Crypto?

Ghost: Coil is an elastic supply cryptocurrency that adjusts itself to supply and demand of the market automatically every 23 hours. It is designed to be relatively stable in price, but “coils and recoils” around $1. While it is young is can go higher and lower in price, but as it matures and grows in the long term it will be very very stable. When demand is high and price goes up over $1.05, Coil automatically adds more Coil to all wallets to help push the price back to its target of $1. When supply is too high and price falls under $.95c, Coil removes supply from all wallets to stimulate more demand to drive the price back up, making less supply on the market and Coil more scarce.

Zanity: Thank you for the explanation about coil crypto.

Here’s the second question.

Question #2

What are the features and use case of Coil Token?

Ghost: Great question. We have many.

Coil features a 23hr rebase. So every 23hrs Coil adjusts and adds or removes its supply depending on the supply and demand of the market. We chose 23hrs to allow the rebase to change 1 hour earlier each day, so all parts of the world can experience rebase during their peak hours at some point. We thought this is more fair to all parts of the world. Coil is much less correlated to BTC and other cryptocurrencies. Because of this it has an ideal use case as a hedge asset to minimize risk in all portfolios. This also makes it an excellent DeFi collateral asset, and we think it will be a future backbone in all of DeFi. In DeFi you need to minimize risk because if BTC and other cryptos fall, then all of DeFi can be in trouble and put at huge risk. Coil since it is less correlated can help hedge this risk and protect from some of cryptos volatility. One other feature we have is called the Coil Spring. Our Spring can be though of like a faucet that incentivizes users to provide liquidity by paying them rewards from the ecosystem fund. This rewards them and makes Coil have larger market liquidity. We also are deeply tied into the privacy space, and we plan on moving Coil into the Private DeFi ecosystems currently being built that many people are not even aware of yet. These will be potential gold mines in the coming future, and Coil will be one of the first into this market with a goal of becoming a backbone and key player.

Zanity: Wow! Coil token has so many features that’s great.

Here’s the last question for this segment.

Question #3:

Where can we buy Coil Tokens?

Ghost: Currently we are on Uniswap and also just today got listed on STEX Exchange alongside Chainlink and Band! We are in discussions with some other exchanges, though we cannot comment on that due to NDA’s. We will also add pools to other places like Mooniswap in the future as well. Here are the links to Uniswap and Stex. https://beta.uniswap.info/pair/0xeaceac83cecca6beebc736edd6360d1633175b01
https://t.co/hFNd2NXMdd?amp=1

Zanity: Splendid! thank you for your answers, Now let’s go to our 2nd segment which is the Twitter questions.

Here’s the first twitter question.

Segment 2: Questions from the Twitter

Question #1 From: @Olonade02

Undoubtedly, the idea behind Elastic Supply is a laudable one. However, many don’t understand the concept before even investing their money. Now, how would COIL educate and enlighten users on the working mechanism of Elastic Supply model?

Ghost: We believe elastic supply is revolutionary, but agree with you that many do not understand it yet. It is much like being in Bitcoin in the first couple of years. Over time though more and more will understand it because it will take the cryptocurrency market by storm. We will continue to always be around to answer any questions in our telegram, discord, and other channels. We have medium articles to help explain how this works, bot commands in our discord, and we hope to also set up a short video series to give investors new to the concept of elastic supply more information. On top of that we have many enthusiastic volunteers within our community that are here to help and also explain the idea. We believe a strong and knowledgeable base in the community like we have will be critical is spreading awareness, knowledge, and this revolutionary idea of elastic supply.

Zanity: Great and informative answer!

Here’s the second question.

Question #2 From: @Idee021

I’m a fan of the Rebase system and so many projects offer rebase. How unique is COIL rebase and is the process automated? AMPL launched geyser faucet to provide incentivised liquidity, what does COIL have?

Ghost: Our system is very unique and it is automated. We made the rebase every 23 hours in order to let the rebase move 1 hr every day. We believe this way everyone around the world has a fair chance to trade or experience a rebase in their peak hours. What have gone a step further than Ampl and their Geyser. We have made the Coil Spring. Think of it like a geyser on steroids. It will be very similar to an ampl geyser where you are paid rewards to add liquidity, but we added a unique twist. We added a Certificate of Deposit type of system on top. So the user will choose 1–90 days to provide liquidity. The longer you provide liquidity the larger your rewards will be. Users can do any amount of time they want or as many different transactions as they want. Then they add the liquidity and stake their V2 Token in the Spring. The catch is if they choose 90 days, then decide on day 10 to pull their liquidity. They will pay a large penalty. This penalty buys Coil on the market and deposits the Coil back into the Spring rewarding all of those people that served their time! This will allow Coil to be much less volatile and much less manipulated from Ampl or other rebase coins! In fact once we release this soon, we see many projects replicating our idea.

Zanity: Thank you! Now for the third one.

Question #3 From: @Pamoato

Is Coil pegged 1–1 to dollar? If so, how does Coil adjust itself to stay stable? Also, what would happen if the supply is too large and the price falls under 5% of its target price? Is there any kind of risk?

Ghost: Coil has a target of $1 of the 2020 USD adjusted for inflation. Coil automatically rebases itself every 23 hours to meet supply and demand. If demand is too large and price shoots up to $3. Coil would then add 20% more coins to every wallet. So if you have 1000 coins, and the price held an average of $3 for 24 hrs, Coil automatically updates your balance and you would have 1200 Coil. If price happened to fall to 70c, Coil would then automatically burn supply from all wallets, to create demand and make it more scarce again to push the price back up. There is no risk, and what is special about Coil is that it is nondilutive, meaning the same % happens to all wallets so you always own the same share of the network, even though you will have more or less Coil. ie if you had 1000, or the total 2 million coins you own .0005 share of the network. You will own .0005 share of the network at 25 million, 100 million, or 500 million. You just will have alot more coins, but still own the same network share. Everyone’s balances increase together unlike in Staking coins where large holders get coins quicker than smaller holders. This helps with decentralization.

Zanity: Thank you mate let’s move on to the next question.

Question #4 From: @azyrmdhn

What is “COIL”? Where does “COIL” name come from? What does it stand for?

Ghost: Great Question. The Coil name as two meanings. First — Coil targets $1, so the price COILS and RECOILS around it. It can go to $.50 or $4, but eventually it will Coil and Recoil itself back to $1. Think of it like a rubber band that can stretch, but always comes back. And Coil does this all on its own.
Second meaning of COIL is C(rypto) OIL. Oil is the backbone of our current world economy and the USD, and most everything in the world currently is in some way tied to oil. We see COIL as CRYPTO OIL. We think Coil will be the backbone of DeFi and the crypto economy much like oil is the backbone of today. COIL is a perfect hedge asset that every portfolio will desire because it is less correlated to Bitcoin and other cryptocurrencies. This makes it a wonderful DeFi collateral asset, a token everyone will want to hold to hedge their risk, and an excellent stable medium of exchange that can replace the need of stable coins. So just as OIL is important in the current economy COIL aka CRYPTO OIL will be an important backbone in the new age crypto economy.

Zanity: Wow so that’s the meaning of COIL thank you.

Now for the last question for this segment.

Ghost: Yes!

Zanity:

Question #5 From: @TicoEdgardo

How will you able to solve market manipulation?

Ghost: This is a huge problem in crypto and this is why we designed our Spring how we did. Currently in liquidity pools and geysers like Ampl, large whales can remove liquidity and pull it without notice. This leads to a lot of manipulation and volatility. This can scare the market and make things very unstable. On top of that large whales can manipulate Ampl to bleed out the smaller investors so they have nothing left. We saw a huge problem and set out to fix it. We designed our Spring to have a Certificate of Deposit system on top much like you find in the real world. This makes it so everyone can see how much liquidity is locked in, how long it is locked in for, which allows everyone to make better decisions. If someone elects to enter our Spring, they can choose to add liquidity for 1–90 days and/or they can do many different contracts. The longer you provide liquidity, the more rewards you earn. If you say you will enter for 90 days, but then want to pull out after 10 days, you will pay a large penalty which is very similar to what would happen in the real world. This penalty buys Coil on the market and deposits it back into the Spring rewards pool going back to everyone else in the Spring that did what they said. This will make our liquidity more predictable, and much harder to manipulate. It will help all investors be able to better see and adjust to the market, it will decrease volatility, and stop some of the manipulation. It incentivizes and rewards all of the good network supporters that do what they say they are going to do, and penalizes the bad actors and manipulators. We think many will adopt our ideas. Spring will be released very very soon!

Segment 3: Live questions from the community

Zanity: I guess we’re done for the Twitter segment now let’s go for some community questions.

Are you ready?

Ghost: Yes!

Zanity: Chat closed! Really great question from the community. @Ghost8941 you may now pick questions.

Ghost: Haha wow so many good ones let me take a look.

Round 1 of Community Questions:

Q1 From: @Jhonathanch

How beneficial is it for Coil to be predictable? How does the 23 hour rebase mechanism work? Can you explain a little about the operation of “coil and recoil”? Thank you!

Ghost: This is a great question. Coil has a 23hr rebase so that it rotates 1 hour earlier every day. This gives all parts of the world a chance to experience and trade around a rebase in their peak hours. Other projects do 24 hrs, and it is not fair to those that only experience rebase at 3am when they are sleeping. As for predictability. That is KEY for DeFi. You need predictability because it lets people adjust and make better decisions. It leads to less volatility, less manipulation and more stability. This is one of the most important things needed in DeFi to be a collateral asset like Coil.

Q2 From: @namichi143

We see the Ethereum bridge is a very interesting topic in technology. So now, how does COIL bridge with different from Cosmos, ICON, Matic and the other popular projects focused on interoperability?

Ghost: Coil is connected with other projects in the cryptospace, and are in contact with projects working on bridges into different ecosystems. Coil will be able to expand into many different ones and fully interoperable. One of the goals we have for coil is to move it into Private DeFi. We think many projects do not see this yet, but it will be a goldmine, and we are connected in the privacy space and will make Coil a pioneer into it as Private DeFi Collateral.

Q3 From: @rioliandaro

Because this year DeFi is very popular and many have joined DeFi. My question is about DeFi.
Can you share your opinion about DeFi? Do you think DeFi will disrupt the existing financial system or vice versa?

Ghost: We believe DeFi is here to stay and it is one of the biggest innovations and use cases for Cryptocurrency. We built Coil to be a backbone collateral asset, as it will help hedge the risk currently in DeFi since it is less correlated to the moves of BTC and other cryptos. DeFi is here to stay, and Coil as it grows will be the key piece to help it become less risky!

Q4 From: @Rosane1a8

Why would beginners adopt your platform? How is it better?

Ghost: Beginners have a chance to be in Coil early, like you all are now, many projects like Amplforth, sell out to large venture capital firms or investors. Coil is built for the people and the community. This is a chance for the small investors to be apart of something big in the beginning. Over the next few years as Coil grows, it will become fully turned over to the community through governance, allowing all of you to help craft the vision and the future!

Q4 From: @rioliandaro

As a community based project, how can I donate my quota for your success? Do you have a Global Ambassador Program or a Referral Rewards System?

Ghost: Yes, we will be announcing an ambassador program and other contests and bounties. We want Coil to grow and spread all around the world. This is a global project. Come join our telegram and discord to help out!

Q5 From: @ZabethRamos

Do you believe that Coil Crypto have a big advantage and going to be mainstream in the world of DeFi since you’re already built in Ethereum?

Ghost: Yes we believe all the large projects and companies are building on Ethereum. However projects are also building on Polkadot, Tezos and many others. In the future there will be bridge to all of these ecosystems too. So just as we start on ETH, we are capable to also interact and join all of these other ecosystems and also Private ecosystems that will be coming soon, that most in the crypto space are not even aware of yet. There are many exciting things coming!

Q6 From: @uamos

What is your Spring based on? How were they inspired by it?

Ghost: Our Spring is inspired by the Ampl geyser, but we saw some flaws with that, and we knew we could make it better to stop the manipulation that happens in Ampl. Currently in liquidity pools and geysers like Ampl, large whales can remove liquidity and pull it without notice. This leads to a lot of manipulation and volatility. This can scare the market and make things very unstable. On top of that large whales can manipulate Ampl to bleed out the smaller investors so they have nothing left. We saw a huge problem and set out to fix it. We designed our Spring to have a Certificate of Deposit system ontop much like you find in the real world. This makes it so everyone can see how much liquidity is locked in, how long it is locked in for, which allows everyone to make better decisions. If someone elects to enter our Spring, they can choose to add liquidity for 1–90 days and/or they can do many different contracts. The longer you provide liquidity, the more rewards you earn. But if you say you will enter for 90 days, but then want to pull out after 10 days, you will pay a large penalty which is very similar to what would happen in the real world. This penalty buys Coil on the market and deposits it back into the Spring rewards pool going back to everyone else in the Spring that did what they said. This will make our liquidity more predictable, and much harder to manipulate. It will help all investors be able to better see and adjust to the market, it will decrease volatility, and stop some of the manipulation. It incentivizes and rewards all of the good network supporters that do what they say they are going to do, and penalizes the bad actors and manipulators.

Q7 From: @Dtkross

What role does the community play in the Elastic Supply? What have you done and will do to attract people to join Elastic Supply and build a thriving community?

Ghost: Community is very important. We want our community to be enthusiastic, knowledgeable, and welcoming. We aim to help educate the world of this revolutionary idea. Community is very important much like it was for the early Bitcoin adopters. You all will play a vital part in helping us grow!

Zanity: Okay thank you for answering questions for the first round.

Can we now go for round 2?

Ghost: Sure!

Zanity: Another amazing wave of questions. You may now answer questions @Ghost8941.

Round 2 of Community Questions:

Q8 From: @RoZerius

The COIL rebase system is designed to rebase itself every 23 hours. What are your purpose to make this not fit as one day (24 hours)? Is it really necessary?

Ghost: Yes, we considered many options, but decided on 23hrs as we thought it was more fair for everyone. If we did 24hrs then some people in parts of the world would always rebase at 3am when they are sleeping. Doing 23hrs, lets our rebase change 1 hr earlier everyday, giving everyone a fair chance to experience rebase and trade it in their peak hours.

Q9 From: @brunoiat

The future of COIL will be for use on many ecosystems, what do you mean by this?

Ghost: Coil is less correlated to BTC and other cryptocurrencies. It is an ideal hedge and a way to minimize risk. Other ecosystems like polkadot, tezos, will also have Defi. Coil will be able to bridge there and be used as a Defi Collateral asset on any of these ecosystems not just Ethereum. There are also projects like NIX that are focused on Private Defi. We will also connect with them to bridge into private ecosystems to grow Coil in the privacy space as well.

Q10 From: @Mcmonk

Staking
Burning
Buyback
& DeFi

Can COIL share thoughts on what I mentioned above? Does it have an impact on the value of the project?

Ghost: We check all of your boxes. You will be able to “stake” by providing liquidity to a liquidity pool in our Spring. For this you are paid very large rewards. When people withdraw from the Spring early. ie say they choose 90 days but pull out after 10. They pay a huge penalty. That Coil is then bought on the market and given back (buyback) to the Spring rewards and all the people in the Spring. When Coil supply is too high, Coil “burns” its own supply from all wallets to create demand and make it more scarce to push it back to $1. Coil is built to be “DeFi” collateral and a backbone of what Defi can be built on. Because it hedges the risk of other cryptos.

Q11 From: @armahes

There are three common core issues in technology today: scalability, security and
interoperability, speed and privacy. So, how will COIL solve these problems?

Ghost: Coil will be able to bridge into many ecosystems and will be interoperable. Coil will also we able to use the speed of those ecosystems and also their gas costs saving costs from Ethereum. As far as privacy, not many projects are working on Private DeFi yet, but we believe it will be a gold mine in the coming years, and we are highly connected to projects in privacy space, and Coil will be on the cutting edge of technology and be ready to move into Private Defi first.

Zanity: Okay I think that’s all. Thanks for having an AMA session with our community @Ghost8941.

Ghost: My Pleasure!

Zanity: Do you have some messages for the community?

Ghost: Hope to see you all in https://t.me/coilcrypto

Also Coil can be purchased here on Uniswap https://beta.uniswap.info/pair/0xeaceac83cecca6beebc736edd6360d1633175b01

You are all very early, and we hope you join us on the Start of this amazing journey!

Zanity: Thanks for being with us here today and Goodluck on Coil Crypto.

Don’t forget to join Coil Crypto Telegram group and also follow their Twitter page.

Coil Crypto Telegram
https://t.me/CoilCrypto

Coil Crypto Twitter
https://twitter.com/CoilCrypto

Ghost: Thank you!

-END of AMA session-

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COIL is a dynamic yet predictable decentralized elastic supply token with a built-in 23 hour rebase mechanism.

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Coil.Crypto

Coil.Crypto

COIL is a dynamic yet predictable decentralized elastic supply token with a built-in 23 hour rebase mechanism.

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